Windows update log syntax has changed
The windows update log (under C:\Windows\WindowsUpdate.log) has changed in Windows 2012, as compared with Windows 2008 server.
So for checking when the next install will happen, search for this text:
2012 says:
scheduled install attempt time
Note that this is in GMT but the timestamps are local server time.
2008 says:
Setting AU scheduled install time
To find when the server will be rebooted search for this text:
invoking RebootSystem